An insurer is making changes to a variable annuity living benefit product.

Transamerica Life Insurance Company, Cedar Rapids, Iowa, a unit of AEGON N.V., The Hague, Netherlands, says it is adding investment options to the Retirement Income Choice rider and providing cost flexibility while keeping core rider benefits the same.

“The new rider reflects our ongoing goal to offer industry-leading solutions while prudently and responsibly managing our business,” Dave Paulsen, national sales manager at Transamerica Capital Inc., Denver, another AEGON unit, says in a statement about the changes.

Clients can choose an open allocation option, which offers access to any investment option available with the annuity. With that option, Transamerica can utilize the Open Allocation Method, which is designed to manage policy value in relation to the rider’s guarantees, Transamerica says.

Transamerica Life also is providing a designated allocation option, which offers allocation into any 3 designated groups of investment options. The initial rider fee can be as low as 0.40% for more conservative options, the company says.

Clients can switch between the open allocation and the designated allocation, Transamerica says.

Other product features, such as The Power of 12 automatic re-set feature, remain the same, Transamerica says.

The Retirement Income Choice rider still offers compounding 5% growth based on the previous year’s highest “Monthiversary” value, the company says.